By Adriano Marchese
AtkinsRealis Group shares rose Wednesday morning after the company said it was picked to help develop a new high-speed rail line in Canada and also said it had taken a majority stake in David Evans Enterprises.
Shares rose 5.9% to 73.68 Canadian dollars ($51.90).
The Montreal engineering-services and nuclear company said late Tuesday it will pay about $300 million to acquire a 70% stake in Portland, Ore.-based David Evans Enterprises, a deal that also includes a path to full ownership of the engineering firm.
AtkinsRealis and its consortium were also picked by Canada to help develop a high-speed rail project, the company said. The consortium includes Quebec's pension fund Caisse de Depot et Placement.
Canada is proceeding with the next stage of the high-speed rail line, which isplanned to connect the country's largest city, Toronto, to Quebec City. The corridor between the two cities is home to nearly half of the country's population and accounts for 40% of its gross domestic product.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 19, 2025 11:10 ET (16:10 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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